September 2021 Monthly Distribution TORONTO, Sept. 15, 2021 (GLOBE NEWSWIRE) -- European Residential Real Estate Investment Trust (TSX: ERE.UN, “ERES”) is pleased to announce that the trustees of ERES have declared the September 2021 monthly cash distribution of €0.00917 per Unit and Class B LP Unit (the “September Distribution”), being equivalent to €0.110 per Unit annualized. The distribution will be payable to holders of the Units and Class B LP Units (the “Unitholders”) of record on September 30, 2021, with payment on October 15, 2021.
The Euro-denominated distribution will be paid in Canadian dollars based on the exchange rate on the date of payment (estimated C$0.01368 per Unit and Class B LP Unit). Registered Unitholders will be provided with an option to elect to receive such distribution in Euros rather than Canadian dollars. If no such election is made, registered Unitholders will be paid the distribution in Canadian dollars based on the above exchange rate mechanism. Beneficial Unitholders will not have an option to elect to receive the distribution in Euros. The final cash distribution in respect of August 2021 was C$0.01368 per Unit and Class B LP Unit.
To encourage participation and reward our loyal Unitholders, investors registered in our Distribution Reinvestment Plan will continue to receive an additional amount equal to 5% of their distributions paid in the form of additional Units.
ERES intends to continue to make regular monthly distributions, subject to the discretion of the ERES Board of Trustees. ERES continues to target an AFFO payout ratio in the range of 80% to 90%. ERES Limited Partnership will make corresponding cash distributions to holders of Class B LP Units.